Introduction: Who is Manipulating the Reports? Who is Fearing the Cycle?

On November 9, 2026, as we compare Strive's financial report side by side with Bitdeer's weekly revenue, the sense of collapse in crypto finance comes rushing in. In this market, some can easily enhance their assets with just a few lines of code, smoothing over a real-world failure in medical research costing more than fourteen million dollars in their financial reports; while others must carefully manage their finances, immediately tossing the 258 Bitcoin freshly mined into exchanges for fiat currency to pay next month's exorbitant electricity bills. When the treasury of "easy earnings" competes with the "struggling" computing power factories, Wall Street's pricing system is undergoing deep distortion and reconstruction.

1. The Financial Report Illusion of Strive: When Real Business Becomes a "Legal Cover"

Strive ($ASST) posted a net profit of $509 million this quarter, which can be considered the classic case of "financial report surgery" in this round of bull market. From a business perspective, Strive merged with Semler Scientific at the beginning of the year to acquire the medical device business, which only generated $2.696 million in revenue for the season. Worse still, the company terminated a research project, resulting in a real impairment of $14.65 million. If it were an ordinary medical technology company, this report would be enough to halve its stock price. However, because Strive has tens of thousands of Bitcoin on its books, the new fair value accounting standards saved it directly. The explosive rise in Bitcoin prices during the quarter forced these assets to have an "unrealized non-cash gain" of $534 million. This not only instantly filled the pit dug by the real business but also added $500 million in "profits" to the company's books. This is the survival logic of contemporary U.S. crypto treasuries: retaining an extremely small real business segment (like medical and software) to maintain compliance with the NASDAQ listing, while the real valuation core lies deep in the balance sheet, the Bitcoin ATM dancing with macro liquidity.

2. The Route Rivalry of Mining Enterprises: The Obsession of BitFuFu and the Awareness of Bitdeer

If Strive plays capital karate, then BitFuFu and Bitdeer face a life-and-death game on the industrial assembly line. In October, the overall mining difficulty of Bitcoin surged by 11.8%, a figure that suffocates all miners — meaning that with the same mining machines and electricity costs, the output has directly dropped by 10% or even 20%. The 18% decline in BitFuFu's output in October (only 137 Bitcoin) is the most direct proof. Faced with this computing power duel: BitFuFu chooses to "bear": They would rather endure a decrease in production than sell Bitcoin. Raising their total holdings to 1,454 Bitcoin is a bet on future super cycles using past cash flow. This approach enjoys the highest leverage elasticity during bull markets, but in a long consolidation period, it easily faces existential crises due to liquidity exhaustion. Bitdeer chooses to "sell": This long-established giant has long seen through the essence of mining — transforming cheap energy into high liquidity fiat currency. Producing 258.6 Bitcoin per week, selling all weekly output, keeping inventory at zero. This resolute "produce-and-sell" strategy allows Bitdeer to completely escape the backlash of Bitcoin price fluctuations, always holding fiat cash flow to respond to the reshuffling of computing power and always ready to scoop up cheap mining machines.

The market disclosure over the weekend unveiled the multidimensional survival laws of the digital crypto economy. The crazy net profits of companies like Strive represent the compromise and acceptance of traditional financial rules towards high-elasticity digital assets; while the division between hoarding and selling among mining enterprises tells all investors: in this race, never look at what a company shouts in a press release, just look at whether it has left Bitcoin in the financial report or walked away with dollars.

Data Source: https://bbx.com/ Crypto concept stock information database, based on global public company announcements and SEC/TSE disclosure documents from yesterday.

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